Disclaimer: This post is sponsored by PSECU, a Pennsylvania-based credit union. Buying a home is an exciting moment in any person’s life. It’s one of the biggest purchases you’ll ever make! That’s why it’s important to do your research on how to save the most money on your mortgage. This list includes money-saving tips for before you buy a home and also after you buy. Each tip will help you save a little bit but over time those savings will add up. PSECU created this cheat sheet on the various types of home loans with different ways you can pay less in interest. Make Sure Your Credit Score Is Good The lower the interest rate on your mortgage, the lower the monthly payment will be. Lenders will charge higher interest rates to people with lower credit scores. About one year before looking for your home, check your credit score. If it needs to be higher, work to raise it. Shop for the Lowest Interest Rate Possible Interest rates matter tremendously in your payment. The lower the rate, the lower your payments. Shop around for the lowest interest rate you can find. Even a 1% decrease in interest rate can save…
